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Wall Street's Mr. Fabu-less

Video
Goldman Sach's "Fabulous" Fabrice Tourre makes his opening statement to Congress.

And Fabulous wanted to avoid the whole thing. The poor misunderstood millionaire complained that "the last week has been challenging for me and my family, as I have been the target of unfounded attacks."

Unfounded? Did he tell the clients he sold the worthless mortgage securities to that the portfolio had been designed by somebody who was shorting those same securities?

"I don't specifically remember the words I used," Fabulous said.

How much of the worthless portfolio was selected by the man who was shorting it?

"I don't remember," he said.

What about his previous claim that the doomed portfolio had been "selected and mutually agreed" with the client that bought it?

"It's not very accurate," he admitted.

The SEC probably will not rate that a fabulous answer.


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